TUI Travel, the tour operator behind the Thomson and First Choice brands, has reported £367m pre-tax losses for the first six months of the year, while rival Thomas Cook's £1.4bn financing deal has been approved by its banks.

Peter Long, chief executive of TUI Travel, said: "We are pleased with overall performance for the first half. The UK delivered a strong winter performance, which attests to our focus on differentiated and exclusive product, and being online driven – key elements of our modern mainstream strategy."

TUI Travel's steady financial performance comes as rival operator Thomas Cook, which has suffered severe financial turbulence over the past year, confirmed its new financing package with its banks for £1.4bn.

Thomas Cook's group chief executive Sam Weihangen said on Saturday (5 May) that the deal showed an "ongoing support" from the its lenders.

He said: "We continue to make good progress in strengthening the group's financial position, and our disposal plans, including an aircraft sale and leaseback, are proceeding well.

"These actions are an important step in the journey to strengthen confidence and ensure that the Thomas Cook Group will continue to provide customers with wonderful travel experiences for years to come."